The 212 evo is a good cooler, it's held up well considering how old of a design it is. It's still a budget cooler though and because it's a budget cooler its performance is respectable. More or less the go-to cheap cooler. It depends how high you're looking to overclock, though at some point you'll be limited by the cpu itself and how much core voltage it takes to get to the next multiplier.
For instance my specific cpu didn't want to go to 4.7ghz until I raised the vcore to around 1.35 or 1.36v which personally I don't feel comfortable running 24/7. Most consider 1.4v to be the upper ceiling of 'safe' unless you're a pro overclocker who likes to roll the dice. 1.3v or under is preferable for everyday use. Even if my temps were held at 75c under load it doesn't mean I could keep raising the multiplier and vcore to something drastic like 1.54v so temps aren't always the limiting factor.
I don't know how much further your cpu can go and at what vcore. You might be fine up to 4.3 or so on the 212 evo but going with a larger more expensive cooler may only get you to 4.5 or 4.6ghz before your cpu sort of 'tops out'. You should be able to do 4.2 with the current cooler. Is it worth replacing your cooler with something like a noctua nh-d14 for around $75 in order to gain another 300-400mhz? That's up to you. That's where larger air coolers like the nh-d14, cryorig r1 ultimate, phanteks tc14pe, nh-d15, dark rock pro 3 and similar larger air coolers come in, reaching max overclocks where heat is the limitation.
The 212 evo has a thermal dissipation rating of 180w (heat, not electricity consumption). A larger cooler like the dark rock pro3 has a thermal dissipation rating of 250w. The noctua nh-d14 cools around the same or a degree or two better so I would say it also dissipates heat in the range of 250w+. Depending on what case you have, how tall of a cooler it will accept the thermalright true spirit 140 power is one of the best values at around $50 with cooling performance on par with the nh-d14. It's a really tall cooler though and not all cases will fit it.
The tc14pe is available for around $70 and that becomes the range for larger air coolers, $70-80. A cryorig h5 universal might be a decent middle of the road option, better than the 212 evo, not quite as cool as the nh-d14 but the price is around the middle ground at $42 and the universal uses a slim fan to avoid any ram conflicts.